Canadian Dollar (CAD) Technical Major Currencies (2011-11-17)

By IBT Staff Reporter On 11/17/11 AT 1:58 AM

Morning Report

50% Fibonacci correction shown above was able to stop the upside move of the bullish technical structure. The pair is still stable above 1.0205 and also above 1.0185, which suggests that the pair could provide another bullish attempt. Consolidation above 1.0275 should confirm the extension of the upside move.

The trading range for today is among the major support at 1.0185 and the major resistance at 1.0496.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

**New York Candlesticks**

Previous Report

Weekly Report

Support

1.0185

1.0140

1.0100

1.0080

1.0025

Resistance

1.0275

1.0305

1.0340

1.0375

1.0400

Recommendation

Based on the charts and explanations above, our opinion is buying the pair around 1.0205, and take profit in stages at (1.0340 and 1.0475) and stop loss with 4-hour closing below 1.0140 might be appropriate